by Angela Nazworth | August 21, 2012 2:56 pm
Famous footwear and sports apparel maker Nike (NYSE:NKE) is planning price hikes, The Wall Street Journal reports.
The news comes just a few months after the company reported falling margins and profits, along with rising inventories in Europe and China.
The price increases come at an inconvenient time, considering that back-to-school shopping is in full swing and the Christmas season is just around the corner.
“Prices are getting crazy excessive and as long as we continue to buy sneakers, Nike is going to keep increasing the prices,” Donell Brown, owner of cleaning services company in Dearborn, Mich., told the Journal.
One of the priciest items that Nike will sell is the newest model of LeBron James’ basketball shoe that will debut this fall. The LeBron 9 PS Elite basketball shoe (shown above) retails for a whopping $250, but the new LeBron Kicks, which will come with its own technology, are said to cost about $315.
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